Dec 29 2008
Current Economic Crisis: A Sustainable Solution
An Open Letter to President Obama:
Mr. President, here is a house warming present - one that will address our current economic crisis. This is the challenge facing your new home and position. This will garner bi-partisan support and will be passed by Congress.
We really are in such a predicament that no matter what the government does to stimulate the economy it is unlikely to have a lasting enough and widespread enough impact. Simply pay attention to words like “approaching zero interest rate”, “recession”, “deflation”, “cash hoarding” and, then, listen to the alarming sound of the closing bell of the major exchanges. Sure there are some readily identifiable scoundrels, but let’s all stop for a moment and take a little more responsibility than blaming convenient villains. All of us have sprung this Liquidity Trap and it is a very real financial crisis, on both the corporate and personal level.
